FUTURE PROSPECT OF THE MANILA FRAMEWORK GROUP
HARJOWIRYONO, MARWANTO, DKK
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The MFG was established in November 1997 as a forum for finance and central bank deputies of 14 APEC economies - with the support of representatives of the IMF, WB, ADB, BIS - to promote financial stability in East Asia. Under the theme ' A New Framework for Enhanced Asian Regional Cooperation to Promote Financial Stability', members agreed to set up a regional surveillance mechanism to complement the IMF's global surveillance. MFG members agreed on four possible initiatives to be taken, namely: regional surveillance, technical assistance, bolstering the IMF's ability to deal with financial crises, and contingent financing arrangements for Asian currency stabilisation. MFG members initially agreed to meet twice a year with regional crisis prevention/surveillance as the key purpose of the meetingswithout duplicating the work of other forums and institutions. As the crisis passed, economic recovery and structural adjusment progressed, members decided that, from 2002, they only needed to meet once a year.